Executor, Guardian & Trustee Of A Will
To insure that your estate distributes according to the terms of your Will, you must appoint an Executor or Trustee. Executors & Trustees are typically not beneficiaries to your possession and their administration, therefore, is unbiased. These individuals administer and value your estate and distribute your assets according to the instructions you detail in your Will.
Role of an Executor
As required by law, the Executor guides your Will through probate, gathers the estate’s assets, safeguards estate property, fulfills all valid claims against the estate and distributes the estate property to beneficiaries. The Executor can employ professional help to assist with these tasks, especially those that require financial experties. keep in mind that since the Executor can use the estate’s assets to pay the professional for their services, the distribution available for beneficiaries may be reduced.
Role of a Trustee
Leaving your estate to a Trust limits the Executor’s role to passing on the assets to the Trustee. The Trustee manages and distrubutes funds and assets of the trust. In addition to duties such as collecting assets and paying claims against the estate, Trustee must consult regularly with the beneficiaries on various issues such as investments and withdrawls. The Trustee is responsible for “resonable and prudent” management of the trust funds, and the beneficiaries have the power to sue the Trustee for any mismanagement.
Role of a Guardian
If your children are young, you’ve probably thought about who would raise them if for some reason you or your spouse could’nt. It’s not an easy thing to consider, but with a simple arrangement of a Guardian in your Will, you can feel sure that, in the extremely unlikely event you can’t raise your children, they will be well cared for.